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i don't think you understand the value of a central bank.
A publicly held central bank is fairly vital to a modern industrialized country. And we have history to tells us what it would be like without one.
Without a publicly owned central bank:
-There would be no national coordinated monetary policy. Each bank would expand or contract credit based on their immediate business needs, not the nations requirements.
- Smaller banks would be dependent on larger banks for credit extensions, currency, etc. History has shown that larger banks often consider smaller banks as competition and didn't care if they failed. (After 1935, the Fed was charged with looking after the overall health of the system)
- Before 1905, there was over 30,000 different currencies in circulation.
- In international monetary matters, the nations largest private banks would represent America
- There would be no elasticity to the currency. You would see more cycles of inflation/deflation, and boom/bust as we saw in the 1800s
- Banks would return to being audited soley by themselves in their shareholders interest. (After 1935, the Fed was charged with being the nations bank auditors to serve depositers interest as well.)
- Clearing of checks would go back to private clearinghouses often run by large banks. Without an impartial clearinghouse, decisions in the process would sway toward the private interests that control it.
So we really don't need a central bank if you prefer the alternative.
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